Tom Bawden in Las Vegas
We've made some changes
to The Sunday Times
Home rage, the trashing of houses that are about to be repossessed, has become increasingly commmon in Las Vegas.
The McStaff family apparently was so desperate at being evicted from 11141 South Lavandou Drive in Las Vegas that at least one member appears to have whacked lumps out of the property before they left.
A month later the property, which fetched $525,000 as a newly built home in 2006, is back on the market at $270,000 – minus a few chunks taken out of the living room wall and a large hole in the ceiling next door.
Stripped of fixtures such as the fridge and the cooker, the kitchen sink contains a bowl of washing-up, while the bathroom basin is acting as a receptacle for cigarette stubs.
Weeks after the departing owners left a note for their bank, blaming it for ruining their dream, the floors are scattered with old garden chairs, piles of pens and bank statements.
Gail Burks, the head of the Nevada Fair Housing Centre, a citizens advice bureau, said that home rage had become common in Las Vegas as dispossessed homeowners vent their frustration. “There have been five foreclosures on my street, three of which ripped everything out. This kind of thing has an impact on the wider community,” said Ms Banks, who receives about 600 requests a month now for advice on foreclosure, compared with about 200 in October last year.
There are 28,655 vacant properties on the market in Las Vegas as a result of foreclosure, Ms Banks said. Elsewhere, planned residential houses have been put on hold as demand and financing evaporates.
Some commercial construction projects have run into trouble. The Cosmopolitan, a casino resort being built at the heart of The Strip, defaulted on a $760 million construction loan from Deutsche Bank and is heading towards foreclosure.
The credit crunch has also forced several delays to commercial projects on The Strip such as the second tower that Donald Trump planned on his hotel and apartment complex and a $6 billion dollar version of New York’s Plaza Hotel.
Crown Las Vegas, a bullet-shaped hotel and casino that was going to become the tallest building in the city, was scrapped last month for lack of financing.
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Which is the greater evil ?
Inflation or becoming destitute , the politicans and economists would have us beleive it is the former BUT they are not the ones who lose their homes or their friends but the poor people of all western economies who keep the politicans rolling in hard earned taxes.
Khalid Iqbal, Dubai, UAE
In your dreams Rajiv! The USA and the UK are a long way from doom, and those who sit gleefully awaiting the demise of the West are wasting their lives. We have been there before and risen again stronger than ever. Get working instead of waiting fruitlessly.
B J Deller, Marbella, Spain
The Norwegian government is ripping people off. They refuse to reduce the enormous fuel taxes and normal people are getting in trouble because they cannot pay their bills. I am ashamed of being a norwegian citicen. The government in this country is sitting on the sideline and doing nothing!
Mike, Oslo, Norway
The comments on this board are so sad. If the US goes, UK is next . Already the UK is a mere suburb of the US...a suburb that is increasingly being controlled by the pervs in The Hague.
HAHA... Good Bye England... HAHA Hello LONDONISTAN
Paul, London, UK
Is this the end of the American empire? It's like the movie "Elizabeth the Golden Age" where Spain went bankrupt after lauching a failed invasion of England. And then there's the Airbus A380--now the world's biggest airliner (no longer the Boeing 747) . What a blow to American technology.
Matthew Okada, Pasadena, CA
The economic life cycle of industry is comprised of boom and busts.The sensible busines person makes as much money as possible during good times,while shoring up his company's defences in preparation for lean times.With sensible stewardship,huge opportunities for growth exist in down times.
Burnett Coburn, New York, U.S.A.
Yes, and Congress has just enacted a law forcing Fannie Mae to give 100% mortgages to deserving cases!
Sell America.Sell its stocks.Sell its property.Sell its currency.
The U.S.A. like Rome is an Empire in decline.
Rajiv, London,